Global oil prices rose sharply after U.S. President Donald Trump announced that the ceasefire with Iran was over. The declaration came following overnight retaliatory attacks between the United States and Iran, triggering volatility in energy markets. On Wednesday, international benchmark Brent crude increased by 6 percent to reach 78 dollars per barrel, while U.S. benchmark West Texas Intermediate (WTI) rose 5.95 percent to 74.60 dollars per barrel. In contrast, European share prices fell by 1.6 percent.

Earlier, oil prices had already climbed more than 2 percent on Wednesday following renewed U.S. strikes and the reinstatement of trade sanctions against Iran. On Tuesday, prices had risen by nearly 3 percent. The developments reflect heightened geopolitical tensions affecting global energy markets.

Speaking at the NATO summit alongside Secretary-General Mark Rutte, Trump said the memorandum of understanding with Iran was “over” and described it as a waste of time, signaling a further deterioration in U.S.-Iran relations.